Pre-market action: Here's the trade setup for today's session
«The outlook suggests further downside, particularly in the midcap and smallcap spaces. On the index front, the next major support is around 24,000, with potential resistance between 24,700 and 25,000 in case of a rebound. We recommend adjusting trades accordingly and advise against adding to losing positions,» said Ajit Mishra – SVP, Research, Religare Broking.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The short-term trend of Nifty continues to be negative. A decisive move below 24,500-25,450 levels is likely to open the next downside target of 24,000. Any rise up to the immediate resistance of 24,700 could be a selling opportunity, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 4.2% to settle at 14.34 levels.
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